Three R's Act

Public Education Reinvestment, Reinvention, and Responsibility Act (Three R's Act) - Amends the Elementary and Secondary Education Act of 1965 (ESEA) to reauthorize and revise various ESEA programs.

Revises and renames ESEA title I as Student Performance (currently Helping Disadvantaged Children Meet High Standards). Declares it to be U.S. policy to: (1) hold States, local educational agencies (LEAs), and schools accountable for increased student academic performance results; and (2) facilitate improved classroom instruction.

Revises and reauthorizes title I: (1) part A, LEA basic program grants (I-A); (2) part B, Even Start; (3) part C, education of migratory children; (4) part D, prevention and intervention programs for youth who are neglected, delinquent, or at-risk of dropping out; (5) provisions for capital expenses; (6) part E, Federal evaluations, demonstrations, and transition projects, including a new comprehensive school reform grants program; and (7) a part F, rural education development initiative.

Revises I-A with respect to: (1) State educational agency (SEA) and LEA reservations of funds; (2) formulas for distributing funds to schools with the highest concentrations of poverty; (3) State and LEA plans; (4) priorities in providing school support and improvement assistance; (5) parental involvement; (6) qualifications of teachers and paraprofessionals in I-A schools; (7) professional development; (8) LEA and Head Start services coordination; (9) reservation, allocation, and use of funds for basic, concentration, and targeted grants; and (10) school-wide programs.

Penalizes States for failing to meet statutory deadlines for demonstrating that they have in place standards, assessments, a system for measuring and monitoring adequate yearly progress (AYP), and a statewide system for holding schools and LEAs accountable for making AYP with specified groups of students.

Requires public school choice to be provided to families of students attending I-A schools deemed to be in need of corrective action.

Requires LEAs to use I-A funds only to provide academic instruction and services directly related to instruction to students in preschool through grade 12 to assist eligible children to improve their academic achievement and to meet State achievement standards.

Authorizes the Secretary of Education to make education finance program grants to States.

Revises and renames ESEA title II as Teacher and Principal Quality, Professional Development, and Class Size (currently Dwight D. Eisenhower Professional Development Program), with grants programs for: (1) Teacher and Principal Quality, Professional Development (II-A); and (2) Class Size Reduction (II-B).

Establishes a new ESEA title III, Language Minority Students and Indian, Native Hawaiian, and Alaska Native Education.

Directs the Secretary to make grants to States, subject to specified requirements, to help limited English proficient (LEP) students become proficient in English.

Repeals the current ESEA title III, Technology for Education, including parts: (1) A, Technology for Education of All Students; (2) B, Star Schools Program; (3) C, Ready-to-Learn Television; (4) D, Telecommunications Demonstration Project for Mathematics; and (5) E, Elementary Mathematics and Science Equipment Program. Eliminates the Foreign Language Assistance Program.

Reauthorizes the Emergency Immigration Education Program and Indian, Native Hawaiian, and Alaska Native Education.

Establishes a new ESEA title IV, Public School Choice program. Reauthorizes and redesignates certain parts of the current title IV, Safe and Drug-Free Schools and Communities, under such new title IV.

Reauthorizes appropriations for: (1) Magnet Schools Assistance; and (2) Public Charter Schools.

Requires SEAs to hold assisted charter schools accountable for AYP in improving student performance.

Declares it to be U.S. policy to: (1) support and stimulate improved public school performance through increased public school competition and increased Federal financial assistance; and (2) provide parents with more choices among public school options.

Establishes a new title IV part C, Development of Public School Choice Programs, providing for competitive development grants.

Sets forth a new title IV part D, Report Cards. Requires States to prepare and disseminate annual report cards on all elementary and secondary schools receiving funds under ESEA I-A or II-A.

Reauthorizes and transfers ESEA Impact Aid provisions to a new title V (currently title VIII). Eliminates the current title V, Promoting Equity, including Women's Educational Equity, and Assistance to Address School Dropout Problems.

Establishes a new title VI, High Performance and Quality Education Initiatives grants program (eliminating Innovative Education Program Strategies).

Establishes a new ESEA title VII, Accountability, with sanctions and rewards based on meeting performance objectives.

Directs the Secretary to make awards to States that ensure that all teachers teaching in their public schools are fully qualified or have exceeded certain student performance objectives, for distribution among high-performing LEAs for further distribution among high-performing schools, teachers, and principals.

Repeals the Goals 2000: Educate America Act and the following ESEA titles: (1) V, Promoting Equity; (2) X, Programs of National Significance; (3) XI, Coordinated Services; (4) XII, School Facilities Infrastructure Improvement; and (5) XIII, Support and Assistive Programs to Improve Education.